Banks take your credit scoring score into account to assess your debt capacity. The higher this score, the more likely you are to see your request for credit repurchase succeed.
Age, a decisive criterion in the success of a loan buy-back
The solvency ratio is an indicator used by banks to assess your repayment capacity. Calculation methods vary considerably from one establishment to another, but the scoring score obtained generally depends on several factors specific to the borrower, such as his age or his professional situation.
It is therefore not surprising that people who have reached a certain age, such as those in their late 30s or 40s, are poorly rated. Since in the minds of banks, the older generations naturally have a more substantial stocking of wool than their younger counterparts.
In the case of consumer loans, and even if nothing prevents banks from drawing up notes for each age group, they are nevertheless required to comply with standardized evaluation methods when the customer is over the age of 65 years.
Your age can therefore positively or negatively impact your credit score depending on your current financial situation compared to other borrowers with the same income.
Be aware of the other criteria
However, age is not the only criterion taken into account by banks to analyze your creditworthiness. Other factors relating to your past and future financial situation are also looked at under the microscope when examining the file.
This is why you have to be extra vigilant when filling out the loan application form and the medical question, and to try to better understand the factors that can influence your credit score.
Of course, the conditions for granting loans are not the same from one establishment to another, and the financial service of a large retailer will be less attentive to the quality of the file than your bank advisor.
Concerning the repurchase of consumer credit, the loan organizations will be more demanding and will carry out a meticulous examination of your request before agreeing to buy back your credits.